| | | | | | | | | Date: | February 7, 2023
| Agenda Item #: VI.X. | To:
| Mayor and City Council
| Item Type:
| | Report / Recommendation | From:
| Perry Vetter, Parks & Recreation Director
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Item Activity: | | Subject: | Approve Braemar Arena Tenant Lease Renewal with Velocity Hockey Center, LLC | Action | |
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ACTION REQUESTED:
Approve Braemar Arena Tenant Lease Renewal with Velocity Hockey Center, LLC.
INTRODUCTION:
The City of Edina and Velocity Hockey Center, LLC, entered into a lease agreement for the Braemar Arena tenant operations on July 17, 2012. Operations include skating, hockey, and fitness performance related training. The lease agreement included an initial ten-year term, with two tenant optional renewal periods of five-years each.
Velocity Hockey Center, LLC has properly noticed staff of its intention to renew the first five-year extension. Staff has negotiated an agreement to renew the lease. This renewal adjusts the tenant lease terms from March 1, 2023, until February 28, 2028. At that time our tenant partner shall have an option to renew for five additional years. The City Attorney reviewed the attached lease amendment renewal and all parties have agreed to the terms. |
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